The industry offers a large variety of surety bonds, which are required to bid or work on all public works projects, private construction, remodeling, and new construction. The different types of surety bonds include bid bonds, performance (contract) bonds, and payment bonds. These bonds offer protection for the project owner, taxpayers, investors, etc., associated with..
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At the end of 2021, the 10-year treasury note reached only 1.5 percent, creating low-interest rates. Less than a year later, in October 2022, the rates peaked at more than four percent, which hasn’t been seen since April 2010. These unusual bond market fluctuations force investors to constantly recalibrate to keep up. Because of the..
Since January 23, 2023, the Michigan Uniform Vehicle Dealer Surety Bonds (also known as Michigan auto dealer bonds or Michigan motor vehicle dealer bonds) has increased from $10,000 to $25,000. Mandated by Michigan Compiled Laws 257.248, the surety bond requirement has yet to be distributed to all motor vehicle dealers. Any individuals or business entities..
Digital bonding in the construction industry is much more common these days, primarily due to the introduction of digitization into the surety industry. Especially since the pandemic, when many everyday activities suddenly were launched into the digital realm, digitization of sureties for the construction industry has only gained momentum. Paperless, fully digital bonding platforms are..
The Small Business Administration (SBA) is advocating for more small businesses to partner with federal contractors, particularly with the latest advancement to update critical infrastructure throughout the U.S. With the passing of the $1 trillion infrastructure law, the Biden administration made available about $60 billion to the states earlier this month. These funds are earmarked..